'Pay to Play' Pact Yields $24 Million for New Mexico

By

Nathan Koppel

Updated Feb. 22, 2013 6:50 p.m. ET

A Chicago investment firm will pay $24 million to New Mexico to settle claims that the firm improperly won state business by making payments to a politically connected individual, the state said Friday.

The state asserts that from 2003 to 2009, it made money-losing investments because of investment advisers' allegedly improper pay-to-play practices. The state has claims pending against more than a dozen people alleged to have damaged...